The Reserve Bank of India on 27 February 2026 conducted the full auction of the 6.48% Government Security 2035, drawing strong investor demand and witnessing no devolvement on primary dealers.
The 10-year benchmark paper carried a notified amount of Rs 32,000 crore. Competitive bids worth Rs 81,040 crore were received through 388 bids, translating into a bid cover of over 2.5 times the notified size, reflecting healthy appetite for medium-term sovereign debt.
The cut-off price was set at Rs 98.36, corresponding to a yield of 6.7134%. The weighted average price came in slightly higher at Rs 98.38, with a weighted average yield of 6.7105%, indicating that most successful bids were clustered around the cut-off level.
In the competitive segment, the RBI accepted 156 bids amounting to Rs 31,981.48 crore. Partial allotments were made in 58 bids at 17.0045%, suggesting strong demand pressure at the margin.
Non-competitive bids were fully accepted. The auction received seven non-competitive bids worth Rs 18.52 crore, all of which were allotted in full.
The entire underwriting notified amount of Rs 32,000 crore was accepted from primary dealers. However, there was no devolvement on primary dealers, indicating that the market absorbed the issue comfortably without the need for underwriters to step in.